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Circassia Pharmaceuticals sets out its road-map to profitability

Revenues were up strongly in the first half while costs and cash outflows fell

Circassia Pharmaceuticals PLC -
The company is on the right financial trajectory

Circassia Pharmaceuticals PLC (LON:CIR) published the road-map to profitability as it reported strong growth in first-half sales alongside a reduction in costs and cash outflows.

The respiratory diseases specialist said revenues for the six months ended June 30 were up 40% year-on-year at £27.9mln, with the figure set to more than double to £60-£65mln for the full-year.

Annual turnover of £75mln would result in specialty pharma group turning an underlying profit (EBITDA), the company said.

At the halfway stage, Circassia posted and a loss before tax and depreciation of £12.4mln, though the deficit narrowed from almost £21mln six months earlier.

Cash is key for a business navigating its way to profitability and the firm had £19.8mln as at August 31.

The company’s product suite includes NIOX, which helps improve asthma management, and Tudorza for chronic lung conditions.

Launch preparations are complete for the recently-approved chronic obstructive pulmonary disease treatment Duaklir in the US.

“With our ongoing focus on controlling our cost base and with multiple growth drivers in place, including the imminent launch of Duaklir in the US and our new sales teams in China and Italy focused on growing NIOX revenues, we look forward to further boosting our performance over the rest of the year,” said chief executive Steven Harris.

“By building on our performance in the first two months of the second half, we plan to continue our drive towards profitability and our goal of building a self-sustaining specialty pharmaceutical business.”

Quick facts: Circassia Group PLC

Price: 25.2 GBX

Market: LSE
Market Cap: £94.98 m

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Circassia Pharmaceuticals PLC's (LON:CIR) CEO Steve Harris tells Proactive London's Andrew Scott they saw strong growth in the first half of the year alongside a reduction in costs and cash outflows. Revenues for the six months ended June 30 were up 40% year-on-year at £27.9mln, with the...

on 26/9/19

2 min read